Cullen Frost Bankers Inc. trimmed its position in ConocoPhillips (NYSE:COP) by 2.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 47,750 shares of the energy producer’s stock after selling 1,438 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in ConocoPhillips were worth $3,696,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also recently modified their holdings of the company. IMA Wealth Inc. acquired a new stake in shares of ConocoPhillips in the second quarter worth $100,000. Acropolis Investment Management LLC bought a new position in ConocoPhillips during the second quarter worth $107,000. Palo Capital Inc. bought a new position in ConocoPhillips during the third quarter worth $131,000. Adviser Investments LLC increased its position in ConocoPhillips by 139.4% during the second quarter. Adviser Investments LLC now owns 1,956 shares of the energy producer’s stock worth $136,000 after acquiring an additional 1,139 shares during the period. Finally, NuWave Investment Management LLC increased its position in ConocoPhillips by 8,000.0% during the third quarter. NuWave Investment Management LLC now owns 2,025 shares of the energy producer’s stock worth $157,000 after acquiring an additional 2,000 shares during the period. Institutional investors and hedge funds own 71.67% of the company’s stock.
Shares of ConocoPhillips stock opened at $69.52 on Wednesday. The firm has a market capitalization of $79.58 billion, a price-to-earnings ratio of 17.45, a price-to-earnings-growth ratio of 1.58 and a beta of 1.23. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.58 and a current ratio of 1.75. ConocoPhillips has a 52-week low of $48.97 and a 52-week high of $80.24.
ConocoPhillips announced that its board has authorized a stock buyback program on Thursday, July 12th that permits the company to repurchase $9.00 billion in outstanding shares. This repurchase authorization permits the energy producer to buy up to 10.7% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Monday, December 3rd. Shareholders of record on Monday, October 15th will be issued a $0.305 dividend. This represents a $1.22 annualized dividend and a yield of 1.75%. The ex-dividend date is Friday, October 12th. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.29. ConocoPhillips’s payout ratio is 203.33%.
In other ConocoPhillips news, insider Don E. Jr. Wallette sold 59,432 shares of the business’s stock in a transaction on Wednesday, August 22nd. The shares were sold at an average price of $71.87, for a total value of $4,271,377.84. Following the sale, the insider now owns 83,047 shares of the company’s stock, valued at approximately $5,968,587.89. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Janet Langford Kelly sold 50,000 shares of the business’s stock in a transaction on Wednesday, August 22nd. The shares were sold at an average price of $72.37, for a total transaction of $3,618,500.00. Following the completion of the sale, the senior vice president now directly owns 41,211 shares in the company, valued at approximately $2,982,440.07. The disclosure for this sale can be found here. Insiders sold a total of 288,378 shares of company stock worth $20,769,145 in the last three months. Insiders own 0.88% of the company’s stock.
A number of equities analysts recently issued reports on the stock. Goldman Sachs Group lowered shares of ConocoPhillips from a “buy” rating to a “neutral” rating in a research report on Monday, October 1st. Morgan Stanley lowered shares of ConocoPhillips to a “hold” rating in a research report on Tuesday, October 2nd. Citigroup boosted their target price on shares of ConocoPhillips from $80.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, October 5th. Zacks Investment Research raised shares of ConocoPhillips from a “hold” rating to a “buy” rating and set a $88.00 target price on the stock in a research report on Monday, October 8th. Finally, Royal Bank of Canada lowered shares of ConocoPhillips from an “outperform” rating to a “sector perform” rating and set a $90.00 target price on the stock. in a research report on Thursday, September 20th. They noted that the move was a valuation call. Eight investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $75.53.
ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids worldwide. Its portfolio includes North American tight oil and oil sands assets in Canada; conventional assets in North America, Europe, Asia, and Australia; various LNG developments; and an inventory of conventional and unconventional exploration prospects.
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